Bitcoin (BTC) fell 1.2% to about $85,600 early Tuesday after sellers turned it back at $87,000, the third rejection at that level since Sept. 23.
Key Points:
- Bitcoin slipped to about $85,600 after failing at $87,000 for the third time since Sept. 23.
- An FxPro analyst said the price is nearing the apex of a triangle pattern, which could bring sharper swings.
- The Nasdaq 100 closed at a record while the 10-year Treasury yield climbed to 5.32%.
Bitcoin Price Rejection
Sellers capped the latest advance on Monday, and the largest cryptocurrency traded near $85,600 by Tuesday morning in Asia. The total crypto market slipped to about $2.93 trillion. Ether (ETH), XRP (XRP) and Solana (SOL) each lost between 1% and 2%, while Cardano (ADA) jumped 11%.
A Sunday rally lifted Bitcoin as high as $86,969 on one price feed. It slid back below $85,500, and two later runs at $87,000 lost momentum, the last ending with a drop from $86,615 to $85,503 in less than 20 minutes.
The swings reportedly wiped out more than $109 million in leveraged Bitcoin positions in the 24 hours through Monday afternoon, based on CoinGlass data. Short sellers took the larger hit. They lost $62 million, compared with $47 million for traders who had bet on higher prices.
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Kuptsikevich Triangle Warning
Alex Kuptsikevich, an analyst at FxPro, said Bitcoin has formed "a trend of higher local lows" since the start of last week, though buyers have failed to build momentum. He said the price has neared the apex of a triangle formed by horizontal resistance and rising support, and traders should prepare for higher volatility if it breaks out.
Buyers also look less aggressive. Glassnode said in a Monday report that upward momentum has moderated and profit-taking remains heavy, though it sees no sign of an immediate trend reversal. Trading firm QCP Capital wrote that high oil prices and long-dated bond yields continue to limit gains for risk assets broadly.
Stocks fared better, with the Nasdaq 100 closing at a record on Monday. The 10-year Treasury yield rose to 5.32%, around levels last seen in 2002, and minutes from the Federal Reserve's September meeting are due Wednesday.
Bitcoin $87,000 Resistance
Bitcoin returned to $87,000 in September for the first time in eight months. It has since posted its highest weekly close since late January, yet it still trades below the price at which it started 2026. Each visit to $87,000 has drawn a burst of selling, and buyers would need to absorb that supply and hold above the level to reach Bitcoin's highest prices in eight months.
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